The FINANCIAL — Dubai oil retailers will increase the price of diesel at the pumps by 50 fils a gallon effective today, following a sharp increase in international oil prices in recent weeks, an executive representing two oil retailers told Gulf News on June 7.
"The oil retailing companies have decided to increase the price of diesel to Dh9.90 per gallon, from Dh9.40 per gallon, starting June 8," said Khalid Hadi, group brand and marketing manager for Emirates National Oil Company (Enoc) and Emirates Petroleum Products Company (Eppco).
He said the three oil retailers – Enoc, Eppco and Emarat – will be closely monitoring oil prices in the international market to determine whether diesel prices locally are to be increased or lowered.
Dubai oil retailers purchase diesel at international prices and adjust the local prices, based on the landed price of the oil product. Diesel is widely used in the UAE as a transportation fuel and its prices have a direct bearing on inflation.
Diesel prices in Dubai were lowered regularly after international oil prices began falling from an all-time high of $147.27 a barrel touched on July 11 last year.
This was due to the onset of global economic crisis. The decline in oil prices was triggered by fears of a long recession in world economy.
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